IREN vs WULF: Correlation
IREN Limited (IREN) and TeraWulf Inc. (WULF) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IREN and WULF?
On 3 years of weekly data the IREN/WULF correlation comes out at 0.60, strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.60 over 3. The 5-year figure is 0.47, and annualized covariance runs at 6874.4 %².
By 3-year correlation, WULF places #7 of the 13 assets tracked against IREN. Twelve-month performance is nearly a tie, at +81.3% for IREN and +80.6% for WULF.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
IREN vs WULF: side by side
| IREN (IREN Limited) | WULF (TeraWulf Inc.) | |
|---|---|---|
| 1-year return | +81.3% | +80.6% |
| 5-year return | +65.8% | -32.7% |
| Volatility (ann.) | 109.0% | 105.8% |
| Beta vs S&P 500 | 2.80 | 2.76 |
| Max drawdown (3Y) | -65.6% | -74.6% |
| Market cap | $14.5B | $8.2B |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IREN | WULF |
|---|---|---|
| 2022 | -92.3% | -95.5% |
| 2023 | +472.0% | +258.2% |
| 2024 | +37.3% | +135.8% |
| 2025 | +284.6% | +103.0% |
| 2026 | +7.3% | +43.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IREN and WULF good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IREN and WULF?
As of 2026-08-27, the correlation of weekly returns between IREN and WULF is 0.60 over 3 years, 0.61 over 1 year and 0.47 over 5 years.
Is WULF a good diversifier for IREN?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: IREN correlations · WULF correlations
